FAA promises $466M for Philly airport expansion

It’s a big payday for PHL:

The Federal Aviation Administration has promised to contribute $466.5 million to the planned $6.4 billion expansion of Philadelphia International Airport.

Airport officials said yesterday the FAA issued a letter of intent to help fund the construction intended to reduce flight delays by building a new runway and extending two others.

The expansion project approved in January also includes a new cargo facility, new terminal facilities and a ground transportation center. The project is expected to be finished in 2025.

Added bonus: Airport CEO Mark Gale says the expansion is expected to create more than 100,000 jobs and make the airport more competitive.

In a release, Mayor Michael Nutter called the commitment a “substantial award,” adding that PHL’s expansion is “vital to the economic fortunes of the region.”